Personal Finance for Military, Veterans, and their Families
The Department of Defense (DoD) frequently reassesses and updates the areas that qualify for Imminent Danger Pay (IDP). Imminent Danger Pay is a benefit given to troops serving in locations that are deemed to be hostile or dangerous. The benefit provides troops in imminent danger areas a payment of $7.50 per day, up to the […]
This is the first look at the proposed 2020 military pay charts. President Trump’s $750 billion defense bill includes a 3.1 percent cost-of-living pay increase for military members, the largest increase in 10 years. Until the bill gets House and Senate approval and the president’s signature, the pay increase is just a proposal. But assuming the […]
The 2019 military pay charts go into effect on January 1, 2019. You will see the corresponding income in your first paycheck, which should arrive on January 15, 2019. Military members will receive a 2.6% annual cost of living adjustment. While this doesn’t sound like a huge raise, it is actually the largest military pay raise […]
Did you know several states offer a military veterans bonus? Most of the state veterans bonuses are offered to military veterans who joined the military from that specific state and served during a time of war or a named military campaign. Not all states offer a veterans bonus, and each state sets specific eligibility requirements. […]
The 2018 military pay charts go into effect on January 1, 2018. You will see the corresponding income in your first paycheck. Military members will receive a 2.4% annual cost of living adjustment. These military pay charts apply to all branches of the military, including Air Force, Army, Coast Guard, Marines, Navy, and the Reserve […]
Separation from dependents is an unfortunate aspect of the military lifestyle. Fortunately, if your dependents cannot live at or near your permanent duty station, you may be entitled to Family Separation Allowance (FSA). You can qualify for FSA payments whether inside or outside the United States. FSA payments don’t make up for separation from loved ones. […]
2020 BAH rates were released in December 2019. On average, BAH increased 2.8% from 2019 to 2020. BAH Rates are calculated based on average rental prices in over 300 military communities in the United States. The increase in average BAH rates comes at a time when the formula used for BAH calls for a decrease […]
Basic Allowance for Housing (BAH) is one of the most valuable military benefits. The purpose of BAH is to provide a housing allowance for service members when military housing is not available or is otherwise not provided. BAH Rates are based on several factors including geographic duty location, pay grade, and dependency status. The rates […]
Divorce is an emotionally and financially trying time for anyone, civilians and military members alike. However, if you are a military couple going through a divorce, there are laws and factors unique to a military divorce that can affect how you split your assets, including your pay and eventually, your retirement pay. If you are […]
As we wrote in our military pay date schedule, the first step in creating a budget is knowing how much you will be paid, and when. The good news is that retired military pay dates are easy to remember: you usually receive your pay on the first of the month. The only exception is when […]